USD-JPY prediction april 24 2012

forex trading outlook today - USD-JPY prediction april 24 2012 ; Yields on JGBs edged slightly lower in morning's trade. Yields on 10s fell to a low of 0.9110%, while yields on 5 kept off yesterday's lows at 0.2600% at 0.2620%. Lead 10 year futures was however subject to a bout of profit taking by intraday traders, but looks likely to regain a 143.00 handle sooner rather than later. Although the recent ascent in JGBs has scared many traders off selling on rallies, profit taking by Japanese corporates could yet halt its impressive rally. All in all, a quiet morning session compared to the fireworks seen yesterday. Nikkei lost 0.37% in the morning, while USD-JPY remains supported ahead of the 81.00 handle.

In news, Japanese Finance Minister Jun Azumi said that the Group of 20 industrial and developing nations exhibited a shared sense of crisis by boosting the International Monetary Fund's emergency resources, adding that there is no conflict between Japan and the BRIC nations over the response

Today's support: - 81.00, 80.72, 80.38 and 80.10(main). Break would bring 79.84, where correction is possible. Then 79.63, where a correction may also happen. Break of the latter will give 79.42. If a strong impulse, we would see 79.21. Continuation would give 78.98

Today's resistance: - 81.48, 81.76 and 81.90(main), where a correction may happen. Break would bring 82.36, where also a correction may be. Then 82.70. If a strong impulse, we would see 83.05. Continuation will give 83.30.

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